Apollo's logistics arm raises Rs 485-cr debt from Piramals

Apollo Logisolutions (ALS) today raised Rs 485 crore in loans from a Piramal Enterprises arm to fund its expansion plans.

The money will be used for growing existing business, ramping up new business ventures as well as to consolidate ownership in various joint ventures, ALS said a statement.

A company spokesperson said this is a mezzanine debt, which is generally classified as a middle layer of capital between secured senior debt and equity.

"This investment will boost our capabilities in providing end-to-end solutions to our customers across the country and across the borders," ALS managing director Raaja Kanwar said.

The logistics sector will benefit massively from the GST rollout, as it will ease transport hurdles, he added.

"The logistics space has been on our radar as a focus area for a while now. As is standard practice across our platform, we committed to an in-depth study of the sector over the past few quarters which culminated into this transaction," Piramal Finance managing director Khushru Jijina said.

He further the company is looking forward to investing more in the logistics sector.

It can be noted that there has been a renewed investor interest in the logistics sector ahead of the GST rollout with a slew of announcements in the recent past.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)